The critical issue addressed in this clarification pertains to the admissibility of export remittances received in Special INR Vostro accounts for qualifying as export of services. The RBI’s Circular No. 10 dated 11th July 2022 allows for international trade settlements in Indian Rupees (INR), aiming to promote global trade and support the interest of the global trading community in INR. ...
You might be in the business of passenger transportation or renting a motor vehicle or leasing it. You have to understand there are three aspects of supplies and GST is charged differently on these supplies. This article clarifies the eligibility of ITC on services used for leasing motor vehicles without operators, a topic that has caused some confusion. I tell ...
If you are a registered taxpayer under GST, you must have received a notice from the GST department to reverse the credit availed on supplier’s invoice who has not filed GSTR-3B returns. This type of notice is common for the period 2017-18 and 2018-19 where facility of GSTR-2A was not available to reconcile the credit. When the notice is received, ...
You have bought a flat and later, canceled terms with the builder and now, you don’t know what will happen to GST paid on your under-constructed flat. I have a solution for it. Do you know, you can claim a refund from the GST department? In this post, I will discuss every aspect and related FAQs to enable you to ...